{"id":29290,"date":"2022-04-26T09:22:30","date_gmt":"2022-04-26T12:22:30","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=29290"},"modified":"2026-04-23T09:17:37","modified_gmt":"2026-04-23T12:17:37","slug":"summit-ascent-hopes-to-become-pan-asian-gaming-operator","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/summit-ascent-hopes-to-become-pan-asian-gaming-operator","title":{"rendered":"Summit Ascent hopes to become pan-Asian gaming operator"},"content":{"rendered":"\n

Summit Ascent believes its integrated resort in Manila will offer a “fast track” for the group to enter the pan-Asian gaming market.<\/p>\n\n\n\n\n\n\n\n

The Philippines.-\u00a0Summit Ascent Holdings Ltd<\/strong>\u00a0has said that its was “prudently” transforming into a pan-Asian gaming operator after investing PHP5.6bn and PHP6.4bn in convertible bonds between 2020 and 2021. It said its Westside City IR project in Manila<\/a>\u00a0will provide a “fast track” for the group to enter the pan-Asian gaming market upon completion.<\/p>\n\n\n\n

Last month, Summit Ascent announced that it had decided to delay its Tigre de Cristal Phase II<\/a>\u00a0development in the Primorye Gambling Zone in Russia until 2025 at the earliest due to economic uncertainty and ongoing travel restrictions. The opening of the second phase was scheduled for next year.<\/p>\n\n\n\n

Summit Ascent\u2019s\u00a0Tigre de Cristal<\/strong>, opened to the public in 2015 as the first casino resort in Primorye. It was followed almost five years later by\u00a0Shambhala<\/a>, which opened at the height of the Covid-19 pandemic. Summit Ascent said it is monitoring the potential impact of Russia’s invasion of Ukraine and subsequent sanctions on Moscow on its operations <\/p>\n\n\n\n

Summit Ascent reports HK$230m loss but revenue up 22% for 2021<\/h2>\n\n\n\n

Summit Ascent Holdings Ltd <\/strong>has reported that it slipped from a profit of HK$10m in 2020 to a loss of HK$230m (US$29.4m) in 2021. Gaming revenue increased by 22.4 per cent<\/strong> from the previous year to nearly HK$248.4m while revenue from the hotel business increased by 106.4 per cent to HK$17.1m.<\/p>\n\n\n\n

The group attributed the improvement in revenue to local customers, as the number of foreigners visiting its hotels dropped significantly due to travel restrictions and government countermeasures on travellers due to the Covid-19 pandemic.<\/p>\n\n\n\n

In 2021, Summit Ascent recorded positive adjusted EBITDA of HK$40.9m, compared to negative adjusted EBITDA of HK$14.7m in 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

Summit Ascent believes its integrated resort in Manila will offer a “fast track” for the group to enter the pan-Asian gaming market.<\/p>\n","protected":false},"author":176,"featured_media":16268,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Summit Ascent Holdings is strategically reorienting towards the pan-Asian gaming market, leveraging its Westside City IR project in Manila as a 'fast track' entry point, following substantial convertible bond investments. This strategic pivot coincides with the indefinite delay of its Tigre de Cristal Phase II development in Russia, attributed to escalating geopolitical risks and economic uncertainties. Despite reporting a HK$230m net loss in 2021, the group demonstrated a 22.4% increase in gaming revenue, primarily driven by domestic patronage amidst persistent international travel restrictions.","focusai_entities":"Summit Ascent Holdings Ltd, Summit Ascent, Tigre de Cristal, Shambhala","focusai_location":"Manila, Philippines, Primorye Gambling Zone, Russia, Ukraine","focusai_target_profile":"ceo_executive (0.95), investor_analyst (0.95), operator_casino (0.9), regulator (0.75), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Westside City GGR?","query":"What is the projected Gross Gaming Revenue (GGR) contribution of the Westside City IR to Summit Ascent's consolidated financial performance upon its operational launch, and what are the key performance indicators for its initial phase?"},{"label":"Tigre de Cristal Divestment?","query":"Given the ongoing geopolitical risks and sanctions, what are Summit Ascent's strategic options for the Tigre de Cristal asset, including potential divestment or long-term operational adjustments, and how might this impact shareholder value?"}],"footnotes":""},"categories":[157,16333],"tags":[23701],"class_list":["post-29290","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-summit-ascent"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29290","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=29290"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29290\/revisions"}],"predecessor-version":[{"id":29308,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29290\/revisions\/29308"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/16268"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=29290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=29290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=29290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}